When Individuals Are Unemployed Because They Lack the Qualifications to Fill

question 46

Multiple Choice

When individuals are unemployed because they lack the qualifications to fill available jobs, this is called

• A) frictional unemployment.
• B) natural unemployment.
• C) cyclical unemployment.
• D) structural unemployment.

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Definitions:

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the expected (or standard) cost of those materials.

Per-unit Standards

Benchmarks or norms for the cost or quantity of materials, labor, and overhead required to produce one unit of product, used for budgeting and performance evaluation.

Gallons

Gallons are a measure of volume used primarily in the United States, equivalent to 3.785 liters.

Labor Quantity Variance

The difference between the actual labor hours used in production and the standard hours expected, multiplied by the standard hourly labor rate.